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Search resuls for: "Gabriel T. Rubin"


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☆ Worker Pay Gains Cooled Modestly Late Last Year as Fed Weighs Inflation
  + stars: | 2023-01-31 | by ( Gabriel T. Rubin | Nick Timiraos | ) www.wsj.com   time to read: 1 min
Worker pay and benefit gains cooled modestly at the end of last year, leaving the Federal Reserve on course to slow interest-rate increases again Wednesday and to discuss how much more to lift them this year to combat inflation. Employers spent 1% more on wages and benefits last quarter versus the prior three months, a slowdown from a 1.2% increase in the third quarter, the Labor Department said Tuesday. From a year earlier the employment-cost index advanced 5.1%, in line with the 5% annual gain in the third quarter.
☆ Employment-Cost Report Shows Worker Pay Gains Held Nearly Steady in Fourth Quarter
  + stars: | 2023-01-31 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
Worker pay and benefit gains remained elevated at the end of last year but showed modest signs of cooling as Federal Reserve officials meet to consider further interest rate increases. Employers spent 5.1% more on wages and benefits in the fourth quarter of 2022 compared with the previous year, up slightly from a 5.0% annual gain in the third quarter, the Labor Department said Tuesday. Growth eased somewhat from the prior quarter, advancing 1%, versus a 1.2% increase in the third quarter.
☆ Labor Report to Give Fed Look at Wage Inflation
  + stars: | 2023-01-31 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
Worker-pay and benefits data set for release Tuesday will shed light on whether the Federal Reserve is successfully cooling fast wage growth as officials meet to consider further increases in interest rates. Other recent data has shown that rapid wage growth has begun to slow, putting less pressure on prices. The Fed has aggressively raised interest rates in the past year with the aim of tamping down on the economy to tame inflation. Central-bank officials are starting a two-day meeting Tuesday.
☆ Jobless Claims Fell Last Week, Pointing to Tight Labor Market
  + stars: | 2023-01-26 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
The U.S. labor market remains strong but has gradually lost steam in recent months. Jobless claims declined last week, suggesting the labor market remained tight at the start of the year. Initial jobless claims, a proxy for layoffs, fell by 6,000 to a seasonally adjusted 186,000 last week, the Labor Department said Thursday. Claims are up from lows reached early in 2022, but have remained near prepandemic levels.
☆ Biggest Pay Raises Went to Black Workers, Young People and Low-Wage Earners
  + stars: | 2023-01-23 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
A Baltimore hiring event earlier this month. The median weekly pay for Black workers rose at the fastest rate among the racial groups measured. Black workers, young workers and people on the bottom of the income scale were among those who saw the largest pay increases last year, when employers were readily handing out raises in a tight labor market and high inflation environment. Median weekly earnings for all workers were 7.4% higher, year over year, at the end of 2022, according to an analysis of newly released Labor Department data. That outpaced the consumer inflation rate of 7.1% in the fourth quarter, from a year earlier.
☆ Producer Price Increases Decelerated in December
  + stars: | 2023-01-18 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
U.S. supplier price increases decelerated in December to their slowest annual pace since March 2021, adding to signs of cooling inflation. The producer-price index, which generally reflects supply conditions in the economy, rose 6.2% in December from a year earlier, the Labor Department said Wednesday. That was down from November’s revised 7.3% increase and well below the 11.7% rise in March 2022, the fastest pace since PPI records began in 2010.
☆ Biden Administration Plans to Ease Rules for Income-Based Student-Loan Forgiveness
  + stars: | 2023-01-10 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
Income-driven repayment plans were designed to help lower earners borrow for college, but few have been able to use them effectively. The Biden administration on Tuesday released a detailed plan that will make it easier for student-loan holders to wipe out their debts using income-driven repayment plans. The proposed rule from the Education Department is a key step in overhauling the $1.6 trillion federal loan program that has left millions with ballooning debts. The administration first announced the change in August when it unveiled its plan to cancel up to $20,000 in student debt for qualifying borrowers. The Supreme Court plans next month to take up a challenge to that broader debt-forgiveness, which is frozen after being blocked by lower courts.
☆ Fed Official Says Inflation Remains Too High
  + stars: | 2023-01-06 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
The Federal Reserve’s Lisa Cook is wary of placing too much faith in newish economic data. NEW ORLEANS—Federal Reserve governor Lisa Cook noted recent signs that inflation has cooled, but said it has to fall much more to reach acceptable levels. “Inflation remains far too high despite some encouraging signs lately, and is therefore of great concern,” Ms. Cook said in remarks prepared for delivery Friday at the Allied Social Science Associations conference here.
☆ Unemployment Claims Fell During Holiday Week
  + stars: | 2023-01-05 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
There were about 10.5 million available jobs in November in the U.S.U.S. jobless claims fell in the final week in 2022, signaling continued historic tightness in the labor market. Initial jobless claims, a proxy for layoffs, fell by 19,000 to a seasonally adjusted 204,000 last week, the Labor Department said Thursday. Claims had mostly trended higher since hitting their lowest levels in over a half-century last spring, but they continue to hover near their 2019 prepandemic levels.
☆ Stay for Pay? Companies Offer Big Raises to Retain Workers
  + stars: | 2023-01-02 | by ( Gabriel T. Rubin | Sarah Chaney Cambon | ) www.wsj.com   time to read: 1 min
Employers are giving existing employees more merit and other pay increases, to defend against poaching by rivals and avoid the drain of training new workers. Workers who stay put in their jobs are getting their heftiest pay raises in decades, a factor putting pressure on inflation. Wages for workers who stayed at their jobs were up 5.5% in November from a year earlier, averaged over 12 months, according to the Federal Reserve Bank of Atlanta. That was up from 3.7% annual growth in January 2022 and the highest increase in 25 years of record-keeping.
☆ Millions of Student Loan Holders Face Debt Forgiveness Uncertainty in 2023
  + stars: | 2022-12-26 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
The Supreme Court’s expected decision next year on the fate of President Biden ‘s student-debt cancellation plan means that millions of borrowers won’t know for months whether they’ll have to repay loans that the White House has pledged to forgive. The court said last week that it would hear arguments on Feb. 28 in two cases challenging the Biden administration’s plan to cancel up to $20,000 in debt for qualifying borrowers. A ruling is expected by the end of June.
☆ Employers Try to Hold Line on Wages, With Mixed Success
  + stars: | 2022-12-04 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
Employees continue to see pay raises, partly because help remains difficult to find. There is a tug of war between employers and workers over wage increases, and the outcome is critical for the inflation outlook. Average wage growth had, by some measures, begun to cool since the summer. But Friday’s November jobs report showed annual growth in hourly earnings accelerating to 5.1% from 4.9% in October.
☆ Supreme Court to Decide Whether Biden Administration Can Provide Mass Student-Loan Forgiveness
  + stars: | 2022-12-01 | by ( Gabriel T. Rubin | Jess Bravin | ) www.wsj.com   time to read: 1 min
WASHINGTON—The Supreme Court on Thursday agreed to decide whether the Biden administration can cancel student-loan debt for millions of Americans, putting the matter on a fast-track timeline that should produce a final ruling by the end of June. The court, in an unsigned order, didn’t act on the administration’s emergency request that it be allowed to move forward with the debt relief immediately. But the justices set arguments on the matter for this winter, agreeing to the White House’s alternative request that the court take up the case to decide whether the debt forgiveness is a lawful exercise of presidential power.
☆ Student-Loan Holders See New Path for Wiping Out Debt Through Bankruptcy
  + stars: | 2022-11-21 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/student-loan-holders-see-new-path-for-wiping-out-debt-through-bankruptcy-11669034068
☆ Biden Administration Makes Emergency Appeal to Supreme Court on Student Loan Forgiveness
  + stars: | 2022-11-18 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
The Biden administration on Friday asked the Supreme Court to allow it to move forward with its mass student-debt forgiveness program, which had been put on hold in lower-court litigation. The Justice Department, in an emergency appeal, asked the high court to throw out an injunction issued this week by the St. Louis-based Eighth U.S. Circuit Court of Appeals that prevented the administration from canceling debts while litigation is pending. That order came in a case brought by GOP officials in six states who claimed that the program was an unlawful exercise of presidential authority that would affect state revenues and tax receipts.
☆ Jobless Claims Fall Slightly in Tight Labor Market
  + stars: | 2022-11-17 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
Initial jobless claims, a proxy for layoffs, decreased by 4,000 last week, the Labor Department said. Filings for U.S. unemployment insurance fell slightly last week and remained near historically low levels, in a sign the labor market remained tight. Initial jobless claims, a proxy for layoffs, decreased by 4,000 to a seasonally adjusted 222,000 last week, the Labor Department said Thursday. Weekly claims have hovered close to their 2019 average of 218,000 since early September.
☆ Biden Administration to Make It Easier to Dismiss Student Loans in Bankruptcy
  + stars: | 2022-11-17 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
‘Today’s guidance outlines a better, fairer, more transparent process for student loan borrowers in bankruptcy,” said Associate Attorney General Vanita Gupta. The Biden administration on Thursday released new guidelines that will make it easier for economically distressed student loan borrowers to discharge their student debt in bankruptcy proceedings. The long-awaited guidelines from the Justice Department and Education Department set specific requirements for borrowers to prove that they are experiencing economic distress, rather than requiring an arduous legal process where the federal government often delves into borrowers’ financial history to show they haven’t properly demonstrated their economic hardship.
☆ Appeals Court Blocks Biden’s Student-Loan Forgiveness Program
  + stars: | 2022-11-14 | by ( Gabriel T. Rubin | Jacob Gershman | ) www.wsj.com   time to read: 1 min
A federal appeals court on Monday blocked the Biden administration from moving ahead with its mass student-debt cancellation program, dealing another blow to the administration’s plan after it was ruled unlawful by a federal judge in Texas last week. A three-judge panel of the Eighth U.S. Circuit Court of Appeals granted a preliminary injunction against President Biden’s plan to erase hundreds of billions of dollars in student loans, at the request of six states that sued to challenge the debt relief.
☆ Biden Administration’s Student-Loan Forgiveness Faces Mounting Legal Hurdles
  + stars: | 2022-11-12 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
The Biden administration faces a complicated legal path for jump-starting its mass student-debt cancellation plan after a federal judge in Texas blocked it on Thursday. In light of the ruling, the Education Department has stopped accepting applications for the program after nearly 20 million people submitted their income information in recent weeks. The administration immediately moved to appeal the decision and could file a motion that seeks to stay the Texas ruling for now. But even if that request were successful, the White House is still facing a roadblock in a separate case pending in a different jurisdiction.
☆ Biden Administration’s Student-Loan Relief Faces Mounting Legal Hurdles
  + stars: | 2022-11-11 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
The Biden administration faces a complicated legal path for jump-starting its mass student-debt cancellation plan after a federal judge in Texas blocked it on Thursday. In light of the ruling, the Education Department has stopped accepting applications for the program after nearly 20 million people submitted their income information in recent weeks. The administration immediately moved to appeal the decision and could file a motion that seeks to stay the Texas ruling for now. But even if that request were successful, the White House is still facing a roadblock in a separate case pending in a different jurisdiction.
☆ Federal Judge in Texas Strikes Down Biden Student-Loan Forgiveness Program
  + stars: | 2022-11-10 | by ( Gabriel T. Rubin | Andrew Restuccia | ) www.wsj.com   time to read: 1 min
The Biden administration is seeking to implement a program that would forgive student debt for millions of borrowers. A federal judge in Texas on Thursday struck down the Biden administration’s student-debt forgiveness plan, imperiling a key administration priority that would have canceled up to $20,000 in student loans for tens of millions of borrowers. The Biden administration’s plan is an “unconstitutional exercise of Congress’s legislative power” that also failed to go through normal regulatory processes, Judge Mark Pittman of the Northern District of Texas wrote in a 26-page opinion.
☆ Rule to Speed Student-Loan Forgiveness for Defrauded Borrowers to Take Effect in July
  + stars: | 2022-10-31 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
The Biden administration will make it easier for students defrauded by for-profit schools to get federal student loan forgiveness under new rules set to go into effect on July 1, setting up a speedier path for debt relief for potentially hundreds of thousands of borrowers. Students who have been misled by schools about job prospects or are victims of other types of fraudulent behavior and aggressive recruiting will be able to have their federal debt discharged in full by the Education Department. The new regulations, known as Borrower Defense to Repayment, complete a reversal of a Trump administration rule that slowed discharges and provided partial relief to borrowers whose claims were approved.
☆ U.S. Wages Report to Offer Details on Key Source of Inflation
  + stars: | 2022-10-28 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
The Labor Department’s employment-cost index is a measure of employers’ spending on compensation. A report on third-quarter wages and benefits is expected to provide fresh details on a key source of price pressures as inflation remains near a four-decade high. The Labor Department is set to release its employment-cost index—a measure of employers’ spending on employee compensation—at 8:30 a.m. Eastern time Friday. Wages and benefits climbed rapidly over the past nine months as employers competed for workers in a tight labor market.
☆ U.S. Wages Rose Rapidly in Third Quarter, Keeping Pressure on Inflation
  + stars: | 2022-10-28 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
Worker pay and benefits rose rapidly in the third quarter from a year before, maintaining pressure on inflation. The employment-cost index, a measure of what employers pay for wages and benefits, rose 5% in the third quarter from the same period a year earlier, the Labor Department said Friday. That was a slightly slower pace than in the second quarter but still well above gains prior to the pandemic.
☆ Biden to Cement Overhaul of Student Loan Forgiveness Program for Public Service Workers
  + stars: | 2022-10-25 | by ( Gabriel T. Rubin | ) www.wsj.com   time to read: 1 min
The Biden administration is moving to make its overhaul of a student-loan forgiveness program for public-service workers permanent, allowing borrowers in professions such as teaching, nursing and public-interest law to get debt relief after 10 years of monthly payments. The changes to the Public Service Loan Forgiveness Program, set to take effect in July, will allow future borrowers to stay on track for forgiveness even for monthly payments that are partial or late. They will also make it easier for borrowers whose payment plans are paused due to a military deployment, service in the Peace Corps or AmeriCorps, or are experiencing a period of economic hardship.
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